Net Foreclosure Proceeds definition

Net Foreclosure Proceeds. With respect to each related Foreclosed Property, the Foreclosure Proceeds with respect to such related Foreclosed Property net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid therefrom pursuant to Section 3.14.

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Net Foreclosure Proceeds. With respect to any REO Property, the Foreclosure Proceeds with respect to such REO Property net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid therefrom pursuant to Section 3.14.

Net Foreclosure Proceeds means the amount by which (a) the gross proceeds obtained by a creditor in a Foreclosure exceeds (b) all expenses incurred by the creditor in connection with such Foreclosure, including without limitation, all attorneys fees.

Examples of Net Foreclosure Proceeds in a sentence

• The Net Foreclosure Proceeds of any sale of the Mortgaged Property or any portion thereof pursuant to this Subsection shall be applied to the Lessee Obligations (with an associated reduction in the Asset Termination Value) as of the date of the foreclosure sale.

• In the event of Foreclosure upon the Equipment Loan Collateral (other than the Casino Bank Accounts), the Net Foreclosure Proceeds realized therefrom shall not be applied toward the Hotel Loan Obligations or the Indemnity Obligations unless and until: (a) the Equipment Loan Obligations have been paid in full; and (b) the Bank, in its sole discretion which may be withheld for any reason or for no reason, agrees to such an application.

• In the event of Foreclosure upon the Equipment Loans Collateral (other than the Casino Bank Accounts), the Net Foreclosure Proceeds realized therefrom shall not be applied toward the Hotel Loan Obligations or the Indemnity Obligations unless and until: (a) the Equipment Loans Obligations have been paid in full; and (b) the Bank, in its sole discretion, which may be withheld for any reason or for no reason, agrees to such an application.

• The Trustee’s use of Net Foreclosure Proceeds pursuant to clause (c) is subject to the provisions of paragraph (4) below.

• In the event of Foreclosure upon the Equipment Loan Collateral (other than the Casino Bank Accounts), the Net Foreclosure Proceeds realized therefrom shall not be applied toward the Hotel Loan Obligations or the Grand Obligations unless and until: (a) the Equipment Loan Obligations have been paid in full; (b) Acceleration by Hibernia of the Hotel Loan Obligations; and (c) Hibernia, in its sole discretion which may be withheld for any reason or for no reason, agrees to such an application.

• The Net Foreclosure Proceeds, after payment of $80 million to MLI, shall be payable to, and for the account of, the Companies; provided, however, that the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties shall retain that amount of Net Foreclosure Proceeds (if any) in excess of the amount of any federal, state or local income taxes of the Companies directly attributable to such foreclosure (or the grant of the underlying mortgage) reasonably determined by the Companies (the "Tax Remittance").

• The excess (if any) of such Net Foreclosure Proceeds after payment of such $80 million and the delivery of such Tax Remittance (subject to the proviso in the foregoing sentence) shall reduce the Reference Amount under the Unsecured Adjustment Agreement in accordance with the provisions of Section 3.3 of the Unsecured Adjustment Agreement.

More Definitions of Net Foreclosure Proceeds

Net Foreclosure Proceeds means (i) the proceeds of a foreclosure on a Mortgage,

Net Foreclosure Proceeds means (i) the proceeds of a foreclosure on a Mortgage, (ii) the proceeds of foreclosure on any other collateral securing the relevant Mortgage Receivable, (iii) the proceeds, if any, of collection of any insurance policy in connection with the relevant Mortgage Receivable, including fire insurance policy and Insurance Policy, (iv) the proceeds of [the NHG Guarantee and] any [other] guarantees or sureties and (v) the proceeds of foreclosure on any other assets of the relevant Borrower, in each case after deduction of foreclosure costs in respect of such Mortgage Receivable;

Net Foreclosure Proceeds means the sum of (a) the proceeds of a foreclosure on the mortgage right, (b) the proceeds of foreclosure on any other collateral securing the NHG Mortgage Receivable, (c) the proceeds, if any, of collection of any insurance policies in connection with the NHG Mortgage Receivable, including but not limited to life insurance and fire insurance policies and any Insurance Policies, (d) the proceeds of the NHG Guarantees and any other guarantees or sureties, and (e) the proceeds of foreclosure on any other assets of the relevant debtor, after deduction of foreclosure costs.

Net Foreclosure Proceeds shall have the meaning set forth in the Mortgage.

Net Foreclosure Proceeds shall consist of the gross proceeds in any such foreclosure less only the reasonable, outofpocket costs directly attributable to such foreclosure incurred and paid by or on behalf of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties, provided, that, in no event shall taxes or other nonforeclosure related expenses of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties be deducted in calculating such Net Foreclosure Proceeds. The ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties shall deliver to the Companies a schedule displaying the calculation of such Net Foreclosure Proceeds within fifteen (15) Business Days of such foreclosure.